Folks Finance Hits Record $216M TVL, Boosted by Algorand Ecosystem
Folks Finance, a cross-chain lending platform, saw its total value locked (TVL) reach a new record of $255 million after soaring over 200% in November, according to data from DefiLlama. Folks itself reports over $257 million in TVL. The platform offers two types of products: xChain is a cross-chain lending application supporting Avalanche, Ethereum, BNB Smart Chain (BSC), Base, and Arbitrum. It leverages the Wormhole bridge, Chainlink’s Cross-Chain Interoperability Protocol (CCIP), and Circle’s Cross-Chain Transfer Protocol (CCTP), enabling users to deposit on one chain and borrow on another. Folks Finance offers a series of products associated with the Algorand ecosystem, including its Folks Finance Lending – a lending platform for Algorand-based assets, gALGO Liquid Governance – an application that allows ALGO holders to commit their tokens to governance while receiving a derivative token to be used in DeFi, and xALGO Liquid Staking – a liquid staking solution for ALGO holders. The recent increase in the protocol’s TVL is attributed to its Algorand-related products, driven by the price of ALGO that nearly tripled in November amid the general bullish sentiment. Folks Finance Lending’s TVL rose from $28 million at the beginning of the month to the current record level of $86 million. The platform itself reports a higher TVL, with the three most deposited tokens being ALGO with $52 million, gALGO with $48 million, and USDC with nearly $10 million in deposits. Elsewhere, xChain’s TVL has increased by nearly 500% over the last month to a record $4.2 million, with Avalanche accounting for the lion’s share with $3.5 million. The most deposited tokens are SOLVBTC, WETH, AVAX, and USDC on Avalanche. xChain saw record daily inflows on November 29, with nearly $900k worth of tokens being locked with it. Earlier this month, Folks raised $3.2 million in a Series A round that valued it at $75 million. Stay on top of things: Subscribe to our newsletter using this link – we won’t spam! Follow us on X and Telegram.